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The Texas Lawbook

Free Speech, Due Process and Trial by Jury

  • Appellate
  • Bankruptcy
  • Commercial Litigation
  • Corp. Deal Tracker/M&A
  • GCs/Corp. Legal Depts.
  • Firm Management
  • White-Collar/Regulatory
  • Pro Bono/Public Service/D&I

CDT Roundup: 14 Deals, 12 Firms, 109 Lawyers, $4B

January 24, 2024 Allen Pusey

Okay, maybe you don’t pay attention to sports. Or maybe just the scores. Or maybe just the ads during the Super Bowl.

Still, the business of sports is gaining ground in ways that literally couldn’t be imagined even a decade ago, and in ways that for sports teams and their investors are placing the bottom line — even the betting line — at the clubhouse door. It’s no secret that sports team ownership, once the hobby horse for rich guys who longed to exchange some of the money they earned from steel mills or dairy farms or auto dealerships for a bask in the glory of the athletes who worked for them, is now the stuff of serious cross-industry partnerships involving planned real estate developments, municipal bond issues, intellectual property protections and now — casino gambling and broadcaster bankruptcy.

Both of those recent wrinkles are being played out in Texas. Mark Cuban’s sale in December of a 51 percent of his Dallas Mavericks basketball team would be news enough for the price tag: $3.7 billion for just over half ownership of a team for which he paid $285 million in 2000.

The sale was made to the family office business of the Las Vegas Adelson family, owners of casino interests from Las Vegas to Macao. Cuban has long advocated for the development of resort/gaming in Texas, a relationship once verboten for sports team owners and still not legal in Texas. But major sports leagues, hungry for new sources of revenue, are warming to that which was once forbidden. Las Vegas now sports major league teams in football and hockey. Advertisers now include sports gambling sites. And in case you think the Cuban-Adelson partnership plans to move judiciously, the Adelson interests have already purchased more than 100 acres of land in Dallas near the site where Texas Stadium once stood.

Cuban is not the only owner pressing the gaming issue; not even in Texas. Houston Rockets owner Tilman Fertitta owns the Golden Nugget casino empire and in October 2022 took a noticeable interest in Las Vegas-based Wynn Resorts. Moreover, Golden Nugget sold its online game component to the online fantasy/sportsbook DraftKings and he still owns 6.2 acres of land on the Las Vegas Strip where he is hoping to build a new casino — when the market allows.

Which brings us to this week’s news from the Southern District of Texas where resides the $8 billion bankruptcy of Bally’s Diamond Sports Group, the owner of regional broadcast rights for 37 major league sports teams: 11 in Major League Baseball, 11 in the National Hockey League and 15 in the NBA.

Last week Diamond Sports revealed that its creditors had agreed to help fund a $450 million reorganization of the network, as well as another $115 million dollars from Amazon for streaming rights. The deal, not yet approved by the SDTX bankruptcy court, may end the expected liquidation of Diamond Sports. Still, the announcement was disruptive.

Among the teams left in limbo by the deal is the World Series champion Texas Rangers. Although the Rangers are part of the Diamond Sports Group for cable and satellite broadcasts, Diamond does not have their streaming rights and have not penned a new deal with Texas, the Cleveland Guardians and the Minnesota Twins, who are similarly situated.

In a relatively quiet deal that closed in September, the Houston Astros and Fertitta’s Houston Rockets created their own network, now known as the Space City Home Network. The deal is a joint venture between the two teams fashioned out of the acquisition from Warner Bros. Discovery of AT&T SportsNet Southwest, a tiny sliver of the $57 billion purchase of Warner Bros. by the Discovery network. The deal assured the two teams of self-sufficiency in, and revenues from, their broadcasts.

Does it make a difference? Just ask the Astros. And Josh Hader, arguably the MLB’s top closing pitcher over the past five years.

Hader, coveted by the Rangers and virtually every other major league team, agreed to a $95 million contract with the Astros last week. It was the largest free agent contract signed by the Astros under Jim Crane’s ownership. Did the SCHN deal make that possible? Maybe not. But in the new climate of big-time sports M&A, it made it make sense.

The holiday-shortened week ending Jan. 20 saw 14 deals valued at a touch above $4 billion. It was bolstered by a $1.29 billion continuation of upstream energy consolidation and a $1 billion fast-food restaurant deal. By comparison, last week saw 17 deals at $33 billion. Last year, however, saw 17 deals at a slim $2.1 billion. But stay tuned: next week’s deal roster has already posted a $7.6 billion energy transaction. Energy is not finished in Texas.

Weekly Corporate Deal Tracker Roundup Stats

A compilation of weekly stats from The Lawbook's CDT Weekly Roundup
(Deal Values in Millions)

Week Ending
Deal CountAmountFirmsLawyersM&A CountM&A Value $MCapM Count
CapM Value $M
03-May-202511$4,249139011$2,226.52$2,022.5
26-Apr-202512$8,78791689$6,0113$2,776
19-Apr-202511$8,09771389$7,9852$112
12-Apr-202513$2,392815210$2,0653$327
05-Apr-202519$27,7621518816$25,4733$2,289
29-Mar-202521$8,1881025816$4,1255$4,064
22-Mar-202519$6,4851423115$4,1284$2,857
15-Mar-202513$13,7371315110$9,9324$3,805
8-Mar-20257$2,2345665$2242$2,100
1-Mar-202511$3,05087510$2,5501$500
24-Feb-2512$16,39771496$6,6356$9,862
17-Feb-2517$12,1361313410$9,4112$2,725
10-Feb-2514$7,15491799$4,9505$2,204
3-Feb-2516 $10,068720011$7,5535$2,515
25-Jan-2514$10,261101259$2,2075$8,054
18-Jan-2519$7,3821531612$2,3007$5,082
11-Jan-2521$33,5601618716$32,5215$1,039
4-Jan-259$6,8279809$6,82700
21-Dec-2411$2,79811928$2,2293$570
14-Dec-2415$5,3231218612$3,8123$1,511
07-Dec-2416$4,7661023111$2,32152,445
30-Nov-2410$10,29191034$8,2906$2.001
23-Nov-2415$4,5531515311$3,3794$1,174
16-Nov-2417$11,4881124513$10,1864$1,303
09-Nov-2414$2,1101213912$1,4102$700
02-Nov-2412 $52,788 1110711$52,7381$50
26-Oct-248$3,1608657$3,0651$75
19-Oct-2412$5,3041113611$4,5541$750
12-Oct-2417$8,4381215015$8,1162$322
05-Oct-2422$23,1811218915$19,9807$3,201
28-Sep-2411$2,35671447$534$2,303
21-Sep-2412$9,568101695$4,1017$5,467
14-Sep-2424$10,9881223516$7,1758$3,813
7-Sep-2412$20,4201616811$20,3071$112.9
31-Aug-2413$20,631913412$14,7751$5,856
24-Aug-2419$8,4522132516$7,1023$1,350
17-Aug-2425$49,1961630411$39,38614$9,810
10-Aug-2420$12,2641531216$9,7944$2,470
03-Aug-2426$16,4981633418$8,1378$8,361
27-Jul-2419$16,4422127115$13,8384$2,604
20-Jul-2415$16,0161418410$14,2325$1,784
13-Jul-2420$17,220 1426518$7,146 2$10,074
6-Jul-2411$3,941 11958$2,650 3$1,291
29-Jun-2414$6,296 152248$6,296 6$1,927
22-Jun-2412$5,679 81375$210 7$5,469
15-Jun-2413$9,895 1621410$5,280 3$4,615
8-Jun-2419$23,859 1323912$19,436 7$4,423
1-Jun-2412$34,510 111479$26,110 3$8,400
25-May-2413$9,684 1517110$4,434 3$5,250
18-May-2411$5,490 111738$3,129 3$2,361
11-May-2422$14,855 1422716$11,105 6$3,750
4-May-2413$3,139 98710$1,297 3$1,842
27-Apr-2410$6,684 62810$6,684 00
20-Apr-2419$15,989 111479$5,208 10$10,781
13-Apr-2413$8,952 97610$1,652 3$7,300
6-Apr-2423$26,616 1422214$13,501 8$13,116
30-Mar-2412$9,286 81368$4,299 4$4,987
23-Mar-2418$5,451 1726616$4,759 2$692
16-Mar-2421$11,437 1318614$9,316 6$2,070
9-Mar-2423$4,695 2121819$2,723 4$1,972
2-Mar-2420$9,108 1937214$4,558 6$4,550
24-Feb-2419$16,382 1224815$9,507 4$6,875
17-Feb-2416$29,932 1515712$29,216 4$716
10-Feb-2425$10,750 1719619$5,372 6$5,379
3-Feb-2412$8,416 181259$3,416 3$5,000
27-Jan-249$8,165 9878$7,815 1$800
20-Jan-2414$4,084 1210912$3,219 2$865
13-Jan-2417$33,588 1225612$26,765 5$6,823
6-Jan-248$7,915 8846$7,265 2$650
30-Dec-2317$14,599 129915$2,714 2$11,885
23-Dec-2323$4,182 1321916$1,813 7$2,370
16-Dec-2313$16,436 132807$15,150 5$1,286
9-Dec-2326$14,633.90 1724416$8,095 10$6,538.90
2-Dec-2313$6,720 95712$6,630 1$90
25-Nov-239$4,835 91316$1,785 3$3,050
18-Nov-2322$6,568.70 1718414$4,709.20 8$1,859.50
11-Nov-2315$9,825 1317912$6,581 3$3,244
4-Nov-2315$20,582.50 1419312$19,417.50 3$1,165
28-Oct-2318$68,419.10 1815215$66,646 3$1,773.10
21-Oct-2316$6,755.90 1616515$6,755.90 1$3
14-Oct-2314$67,851.20 131259$61,998.50 5$5,852.70
7-Oct-2317$6,595.50 1322816$5,995.50 1$600
30-Sep-2317$1,896.45 1318914$806.45 3$1,090
23-Sep-2323$6,432.70 1723016$1,402.80 7$5,029.90
16-Sep-2325$23,226.70 2335316$17,239 9$5,987.70
9-Sep-2312$6,369 81027$4,311 5$2,058
2-Sep-2314$2,522 69213$1,322 1$1,200
26-Aug-2317$12,160.25 1320215$6,573.25 2$5,587.00
19-Aug-2319$11,505 1321315$11,255 4$250
12-Aug-2319$9,698.80 131847$3,270 12$6,428.80
5-Aug-2313$5,201 1211812$5,051 1$150
29-Jul-2315$21,031.60 1319611$18,292.00 4$2,739.60
22-Jul-2318$3,992 1213013$2,808 5$1,184
15-Jul-2313$8,254.95 138113$8,254.95 00
8-Jul-2316$5,441.45 1217211$2,443 5$2,998.45
1-Jul-2316$6,872 1010512$5,474 4$1,398
24-Jun-2313$10,914 1620110$7,874 3$3,040
17-Jun-2317$5,880.70 1515115$4,705.70 2$1,175
10-Jun-2319$8,516.10 1311116$6,252.40 3$2,263.70
June 3 202312$6,104.42 121388$4,256.92 4$1,847.50
27-May-2317$12,200 106711$6,165 6$6,035
20-May-2311$22,458.10 81034$19,455 7$3,003
13-May-2312$7,034 101018$5,460 4$1,574
6-May-2320$3,297.60 1819617$2,985.60 3$312
29-Apr-2323$3,691.20 1813517$1,969.70 6$1,721.50
22-Apr-2316$5,570 1410414$4,750 2$1,000
15-Apr-2312$23,818.10 95910$21,618.10 2$2,200
8-Apr-2316$7,949 91739$5,472 7$3,477
1-Apr-2321$18,676.70 1217511$10,926.70 10$7,750
25-Mar-2315$8,779.50 101415$2,362 10$6,416.50
18-Mar-237$14,048.80 6695$13,345 2$703.80
11-Mar-2321$11,576 1616516$8,131 5$3,445
4-Mar-2320$9,668 1122816$8,209 4$1,459
25-Feb-2313$5,335 1313012$4,235 1$1,200
18-Feb-2314$5,743.70 131588$898.70 6$4,845
11-Feb-2316$12,088 1213712$9,965 4$2,123
4-Feb-2317$8,066 1514013$5,614 4$2,452
28-Jan-237$2,180 7755$1,692.75 2$488
21-Jan-2317$5,768 1617412$1,918 5$3,850
14-Jan-2311$2, 800101028$421 3$2,400
7-Jan-2318$8,296 1116714$6,461 3$1,835
31-Dec-2214$2,732 119912$2,092 2$640
17-Dec14$7,919 1311512$7,419 1$500
10-Dec-2214$10,093 128811$7,093 3$3,000
3-Dec-2226$12,800.90 1117220$4,141 6$8,659.90
26-Nov-228$2,266.70 853$76 5$2,190.70
19-Nov-2221$2,886 1521219$2,550 2$336
12-Nov-2213$15,093.70 9819$14,200 4$893.70
5-Nov-222519,337.201650922$8,267.20 3$11,070
29-Oct-2215$7,805.30 911614$7,180.30 1$625
22-Oct-2220$8,193.50 1325313$5,442 7$2,751.50
15-Oct-229$3,046.10 91397$2,588.30 2$457.80
8-Oct-2219$2,011.80 1211416$833.80 3$1,178
1-Oct-2223$5,532.90 1615618$4,952.30 5$580.60
24-Sep-2218$5,194 1421615$4,050 3$1,144
17-Sep-2221$8,352.30 1232015$4,759.60 6$3,592.70
10-Sep-2215$19,853.50 1012613$19,403.60 2$450
3-Sep-229$2,312 9629$2,312 00
27-Aug-2216$30,891.70 1013515$30,666.40 1227.7
20-Aug-2212$1,977 815299253$1,052
13-Aug-2218$8,004.70 1124211$2,844.70 7$5,160
6-Aug-2224$7,948.90 1224017$3,577 7$4,371.90
30-Jul-228$6,941 9787$6,839 1$102
23-Jul-2211$801 119210$801 10
16-Jul-2214$3,650 1012214$3,650 00
9-Jul-2210$3,557.70 7689$3,557.70 10
2-Jul-2218$8,609.40 1315215$2,754.40 3$5,855
25-Jun-2215$6,142 131469$2,017 6$4,125
18-Jun-2217$11,890.10 1422815$11,410 2479.7
11-Jun-2217$7,600 1212310$2,300 7$5,300
4-Jun-2212$2,937 101279$692 3$2,245
28-May-229$3,197.60 11869$3,197.60 00
21-May-2214$7,284.50 1218511$6,609 3$675.50
14-May-2211$306.60 98010$306.60 1$225
7-May-2216$10,451.75 1210812$1,827 4$8,624.75
30-Apr-2216$2,296.50 1615712$895.50 4$1,401
23-Apr-2210$2,241 11588$1,641 2$600
16-Apr-2211$6,643 71568$2,359 3$4,284
9-Apr-2217$4,429 1418411$1,690 6$2,739
2-Apr-2213$1,755 88410$1,145 3$610
26-Mar-2211$3,205 8656$200 5$3,005
19-Mar-2213$2,239.17 910613$2,239.17 00
12-Mar-2218$12,016 1123915$11,965 2$51.35
5-Mar-2217$6,786 1313713$5,161 4$1,625
26-Feb-2212$5,095 81499$4,437.50 3$658
19-Feb-2217$22,229 1717414$21,354 3$875
12-Feb-2212$2,344.70 10738$641.70 4$1,703
5-Feb-2211$2,503 89911$2,503 00
29-Jan-2211$3,872 1210112$3,872 00
22-Jan-2213$5,143.50 109912$4,842.50 1$301
15-Jan-2212$7,605 91559$6,480 3$1,025
8-Jan-2213$8,256.20 1110213$8,256.20 00
1-Jan-229$1,273.80 6509$1,273.80 00
25-Dec-2121$4,734.75 1117616$3,410 5$1,324.75
18-Dec-2126$7,325.20 1519318$3,640.20 8$3,685.20
11-Dec-2116$5,017 1010913$1,417 3$3,600
4-Dec-2114$2,310 8868$2,310 6$1,882.05
27-Nov-219$3.460.1101016$1,758 3$1,702.60
20-Nov-2120$22,792 1515712$18,864.50 8$3,928
13-Nov-2121$26,729 1217813$11,822 8$14,907
6-Nov-2112$8,303 1315710$6,682 3$1,621
30-Oct-2121$10,368 1521815$9,24.46$1,103.00
23-Oct-2121$18.783.11522211$12,314 10$6,468.60
16-Oct-2115$3,868 1111815$2,293 2$1,575
9-Oct-2120$8,610 1617516$7,795 4$815
2-Oct-2114$6,250 1113710$5,200 4$1,050
25-Sep-2111$11,460 9937$10,200 4$1,250
18-Sep-2111$16,603 8998$15,084 3$1,519
11-Sep-2117$10,653 1110313$8,503 4$2,150
4-Sep-2113$7,222 108911$6,715 2$507
28-Aug-2112$763 96311$663 1$100
21-Aug-2112$29,659 77911$29,579 1$80
14-Aug-2122$17,845 1119912$12,805 10$5,04
7-Aug-2117$13,670 1213915$11,766 2$1,904
31-Jul-2121$8,160 1113410$3,574 10$4,586
July 24,202121$6,367 1113915$3,712 6$2,655
17-Jul-2114$4,009 1112412$2,015 2$1,994
10-Jul-2116$3,997 1314311$1,597 4$2,4
3-Jul-2124$7,492 139416$3,769 8$3,722
26-Jun-2110$4,995 7858$3,847 2$1,148
19-Jun-2128$16,830 82289$1,861 19$14,968
12-Jun-2126$27,238 1520919$25,602 7$1,636
5-Jun-2115$15,539 1310013$14,709 2$600
29-May-2135$20,279 1114528$18,647$1,639
22-May-2124$53,208 1417417$51,047 7$2,161
15-May-2118$10,620 1322011$5,870 7$4,809
8-May-2117$10,400 1115615$8,386 2$2,500
1-May-2121$7,200 1611512$3,808 9$3,392
24-Apr-218$20,200 9318$20,200 00
17-Apr-2114$6,270 810211$40,180 3$2,260
10-Apr-2115$8,940 1312914$7,990 1$950
3-Apr-2118$19,513 1015112$16,923 6$2,590
27-Mar-2127$13,942 1524414$4,300 13$9,633.50
20-Mar-2111$2,046 41023$270 8$1,776
13-Mar-2115$3,270 91096$538 9$2,732
6-Mar-2124$13,617 1019613$10,395 11$3,222
27-Feb-2119$8,105 1213915$4,970 4$3,135
20-Feb-219$8,820 91538$8,520 1$300
13-Feb-2112$4,852.60 78172,7665$2,086.60
6-Feb-2118$9,752 1315314$5,222 4$4,530
30-Jan-2118$9,449 918215$8,753.80 3$695.30
23-Jan-2114$8,150 81186$4,000 8$4,150
16-Jan-2117$6,783 1313811$2,400 6$4,382.90
9-Jan-2122$6,829 1413518$3,139.30 4$3,690
2-Jan-217$1,466 7607$1,466 00
26-Dec-2018$15,900 1216316$5,300 1$600
19-Dec-2018$9,769 1411014$8,426 4$1,343
12-Dec-2010$7,200 91009$3,325 1$3,830
5-Dec-2015$4,261 91229$2,780 6$1,481
28-Nov-2019$7,758 1011013$4,003 6$3,755
14-Nov-2014$864.10 1415712$289.10 2$575
7-Nov-2013$6,332 91299$2,483.50 4$3,849
31-Oct-2010$3,995.80 81036$3,231.10 4$754.70
24-Oct-206$18,100 6585$17,709 1$350
17-Oct-208$351.90 5558$351.90 00
10-Oct-207$5,229 3504$735 3$4,494
3-Oct-2014$21,428 91739$17,535 5$3,893
26-Sep-2010$12,770 8935$10,300 5$2,470
19-Sep-2014$8,365 91016$1,020 8$7,345
12-Sep-206$4,406 8593$1,270 3$3,136
5-Sep-2011$5,191 81179$4,061 2$1,130
29-Aug-2011$2,531 9945$1,130 6$1,401
22-Aug-2018$6,574 121407$1,930 11$4,644
15-Aug-2013$4,991 10977$1,216 6$3,775
8-Aug-2012$32,092 111129$30,457 3$1,635
1-Aug-207$5,287 8765$3,687 2$1,600
25-Jul-209$18,751 6677$18,403 2$348
18-Jul-206$1,982.50 5504$1,407.50 2$575
11-Jul-2011$565.10 127510$65.10 1$500
4-Jul-2010$8,889 8989$8,788 1$100.30
27-Jun-208$6,874 10505$4,972.50 3$2,081.50
20-Jun-2012$4,444 91157$2,829 5$1,615
13-Jun-206$3,582 4372$350 4$3,232
6-Jun-2011$3,213.70 8657$470 4$2,743.70
30-May-208$7,335 7486$4,639 2$2,697
23-May-204$432.40 4343$432.40 10
16-May-206$310 6345$310 10
9-May-2018$5,630 1612414$3,180 4$2,450
2-May-201510,40010908$1,900 7$,8,500
25-Apr-208$3,400 9365$1,000 3$2,450
18-Apr-2019$9,500 14928$185.70 11$9,360
11-Apr-2012$6,000 9405$190 7$5,800
4-Apr-2014$8,200 116810$2,200 4$6,000
28-Mar-2016$6,500 139610$3,700 6$2,800
21-Mar-2011$11,910 7337$2,250 4$9,960
14-Mar-207809.86346684.81125
7-Mar-2016$2,500 157013$669 3$1,400
29-Feb-2013$15,260 1312811$11,760 2$3,500
22-Feb-2012$3,700 109210$2,560 2$1,130
15-Feb-2016$1,250 108412$35 4$1,222
8-Feb-2018$6,080 1412314$2,595 4$3,485
1-Feb-2021$20,900 1210114$17,860 7$3,060
25-Jan-2013$7,430 136212$6,430 1$1,000
18-Jan-2023$9,580 1512019$6,580 4$3,000
11-Jan-2021$14,200 1819916$1,020 5$13,200
4-Jan-2022$6,400 1111916$3,204 6$3,245
28-Dec-1922$7,150 1917518$6,800 4$327.40
14-Dec-1924$36,300 2316719$9,500 5$26,800
7-Dec-1911$10,400 11557$1,082 4$9,370
November 30. 201914$2,450 1212612$1,760 2$692.50
23-Nov-1916$1,995 104111$615 5$1,380
16-Nov-1915$3,820 1313511$2,500 4$1,271
9-Nov-1925$12,900 1718223$12,200 2$575
2-Nov-1910$2,470 126192,4503$22
26-Oct-1912$5,560 147011$3,860 1$1,700
19-Oct-198$6,600 81388$6,600 00
12-Oct-1919$4,300 145516$3,800 3$500
5-Oct-1918$14,500 1916615$11,100 3$3,400
28-Sep-1919$8,100 1813218$7,560 1$550
21-Sep-1914$6,300 166611$2,160 3$4,170
14-Sep-1915$23,800 125611$21,250 4$2,570
7-Sep-1917$3,500 159814$1,900 3$1,600
31-Aug-195$8,700 6505$8,700 00
24-Aug-1916$10,000 148215$4,250 1$5,750
16-Aug-1910$1,680 5527$650 3$950
9-Aug-1917$17,700 156814$3,900 3$13,800
2-Aug-1913$5,760 1210813$5,760 NANA
27-Jul-1911$7,300 13768$6,570 3$730
20-Jul-1913$11,800 1312511$5,300 2$6,500
13-Jul-1910$775 7468$542.50 2$233
6-Jul-197$2,500 9857$2,500 00
29-Jun-1923$8,290 1515417$2,300 6$5,970
22-Jun-1917$10,700 1013914$7,700 3$3,000
15-Jun-1911$13,500 1416011$13,500 NANA
8-Jun-1913$2,870 175511$1,570 2$1,300
1-Jun-1910$4,460 11608$4,140 2$315
25-May-1917$4,360 147914$3,700 3$612
18-May-1922$9,000 1715016$3,400 6$5,600
11-May-1918$19,800 1717715$18,300 3$1,500
4-May-1910$7,075 6328$6,900 2$175
27-Apr-1915$3,200 1411714$3,160 1$40
20-Apr-1913$13,500 10909$12,200 4$1,300
13-Apr-1916$38,900 149114$37,800 2$1,100
6-Apr-1912$6,870 119410$6,730 2$50
30-Mar-1915$6,470 128410$7,91.55$5,677
23-Mar-1918$6,450 149114$5,042 4$1,408
16-Mar-1914$10,180 1211511$8,800 3$1,300
9-Mar-199$1,800 6498$1,300 1$500
2-Mar-1920$3,033 1610714$1,817 6$1,262
23-Feb-1912$2,040 8699$614.60 3$1,430
16-Feb-1916$9,970 187716$9,970 00
9-Feb-1914$6,400 1011014$6,400 00
2-Feb-1918$6,740 159916$5,720 2$950
26-Jan-1913$2,770 116711$918.95 2$1,850
19-Jan-1915$3,819 167612$2,594 3$1,225
12-Jan-1918$7,283 149215$1,683 3$5,600
5-Jan-1910$529 125010$529 00
22-Dec-1817$2,570 138714$941 3$1,629
15-Dec-1810$2,860 8268$264 2$2,600
8-Dec-1815$1,819 166512$552 3$1,267
1-Dec-1812$7,500 10909$1,200 3$6,200
28-Nov-1815$4,500 1110714$4,000 1$500
19-Nov-1818$6,137 139813$2,142 5$3,995
14-Nov-1818$9,200 1315215$8,500 3$694
6-Nov-1816$17,300 1618314$16,361 2$950
29-Oct-1814$14,400 1812717$13,800 1$600
24-Oct-1813$6,140 1312611$5,122 2$1,018
17-Oct-1818$18,390 1512514$12,292 4$6,098
10-Oct-1829$3,149 1810420$1,647 9$819
2-Oct-1818$9,300 116714$7,300 4$2,000
25-Sep-1813$7,000 117510$6,000 3$995
18-Sep-189$3,570 7449$3,570 00
11-Sep-1813$5,900 1013213$5,900 00
7-Sep-1814$5,000 158611$4,000 3$1,000
29-Aug-1815$20,700 147913$4,700 2$16,000
20-Aug-1810$12,400 11538$11,380 3$1,057
14-Aug-1812$19,900 121329$18,889 3$1,011
7-Aug-1816$68,600 1110613$67,259 3$1,340
31-Jul-1815$15,100 159511$13,060 4$2,060
23-Jul-1813$2,130 156010$1,804 3$1,100
17-Jul-1814$5,370 17989$4,310 5$1,100
9-Jul-1816$11,200 157410$11,080 6$862
3-Jul-1813$7,000 78112$6,330 1$750
25-Jun-1815$8,800 13979$4,970 6$3,930
18-Jun-1813$14,200 14807$221 6$14,290
11-Jun-1812$6,300 8968$5,910 4$803
6-Jun-1813$14,500 10888$14,154 5$579
31-May-1811$4,890 10638$3,240 3$1,790
22-May-1815$20,400 11639$19,808 6$885
15-May-1815$4,700 1510610$3,900 5$643
9-May-1811$1,400 13889$1,300 2$560
1-May-188$14,250 7887$13,400 1$450
24-Apr-1812$5,300 66111$4,470 1$800
17-Apr-189$1,800 10447$2,330 2$1,434
11-Apr-1811$2,500 8326$1,690 5$809
3-Apr-1815$13,400 111219$12,020 6$1,090
28-Mar-1810$4,000 10927$3,870 3$215
19-Mar-1817$5,800 135110$590 7$5,165
12-Mar-1815$3,130 114311$2,360 4$788
6-Mar-1819$5,400 1311610$1,530 9$4,860
27-Feb-1820$6,600 136914$5,530 6$1,030
19-Feb-1815$5,500 1411110$3,990 6$1,980
12-Feb-1823$10,900 1715712$7,110 11$3,840
5-Feb-1816$8,600 131007$1,330 9$7,800
30-Jan-1811$12,600 11685$7,300 6$4,982
24-Jan-1819$9,400 151295$2,010 14$7,337
18-Jan-1810$6,280 8492$2,100 8$4,188
9-Jan-1812$16,500 12929$15,890 3$475
3-Jan-1810$2,500 9478$2,350 2$150
27-Dec-1715$9,000 151139$7,568 6$1,784
18-Dec-1715$13,800 161649$13,010 7$1,118
11-Dec-1714$9,700 1012612$2,940 4$8,500
4-Dec-176$1,800 6315$1,510 1$300
28-Nov-177$3,850 8764$3,260 3$285
16-Nov-1710$2,700 10486$1,840 4$856
8-Nov-1715$2,380 179110$1,860 5$516
1-Nov-1712$4,700 17949$3,400 4$1,300
23-Oct-1715$10,500 106710$9,780 4$1,530
18-Oct-176$2,000 373$225 3$1,820
10-Oct-1712$6,570 1009$3,880 3$3,360
2-Oct-178$3,100 11193$1,630 5$1,750
25-Sep-178$4,880 8795$2,660 5$2,070
18-Sep-179$4,770 3$300 6$4,470
12-Sep-1711$4,430 8$2,030 3$2,400
1-Sep-174$1,310 3$317 1$1,000
23-Aug-1711$13,640 98$11,840 3$1,800

M&A/FUNDING

Talos Energy Acquires QuarterNorth for $1.29B

Deal Description: The billion-dollar consolidation of Texas-based oil and gas moved offshore Jan. 15 with the $1.29 billion acquisition of QuarterNorth Energy by Talos Energy. The two Houston-based companies agreed to terms that included $965 million in cash and 24.8 million shares of Talos common stock. QuarterNorth operates and holds a 50 percent working interest in the Katmai discovery in the Green Canyon region of the Gulf of Mexico off the Texas-Louisiana coast. The Green Canyon region includes E&P operations of Shell, Chevron and Marathon Oil. QuarterNorth’s producing assets include six major fields that are 95 percent operated and 95 percent in deepwater. For more information see The Lawbook’s daily coverage here.

Restaurant Brands International in $1B Acquisition of Carrols Restaurant Group

Deal Description: Toronto-headquartered Restaurant Brands International Inc. and Carrols Restaurant Group, Inc. announced Jan. 16 an agreement for RBI to acquire all of Carrols issued and outstanding shares that are not already held by RBI in an all cash transaction valued at approximately $1 billion. RBI is owner of the Burger King brand, along with Tim Hortons, Popeyes and Firehouse Subs. The purchase price of $9.55 per share represents a 23 percent premium for Carrols, the largest Burger King franchisee in the U.S. The acquisition is part of Burger Kings’ plan to refurbish the franchise, a buy-back program dubbed “Reclaim the Flame.” Carrols owns and operates 1,022 Burger King franchises, as well as 60 Popeyes locations.

Financial Advisors/RBI: J.P. Morgan

Outside Legal Advisors/RBI: Paul, Weiss, Rifkind, Wharton & Garrison

Outside Legal Advisors on RBI Credit Term Loan: Sidley Austin with a team led by New York partner Nicholas Schwartz and Dallas partner Kristen Smith, along with senior managing associate Shayona Schiely of Century City, managing associate Nicholas Prey in New York, associate Kyle Gromann in Dallas and associate Avery Stefan in Century City.

Financial Advisors/Carrols: Jefferies

Outside Legal Advisors/Carrols: Milbank

Informa to Merge Informa Tech with Tech Target and $350M

Deal Description: UK-based digital products producer Informa announced Jan. 10 that it has agreed to contribute its Informa Tech subsidiary and $350 million to a combination with Massachusetts-based TechTarget. Informa will own 57 percent of the combined company, to be known as TechTarget and based in Newton, Massachusetts. TechTarget says Informa, which specializes in international B2B events, a diverse range of digital products, the fourth largest technology research firm and tech media brands like InformationWeek, Network Computing and AI Business.

Outside Legal Counsel/Informa: Clifford Chance advised Informa on the transaction with a team led by New York partners Benjamin Sibbett and John Healy, along with Houston M&A partner Jonathan Bobinger. Houston associate Ricky Legg (intellectual property) also advised beside lawyers from London, Paris, Shanghai and Washington, D.C.

Fidelity National Injects $250M into Subsidiary

Deal Description: Fidelity National Financial announced Jan. 16, its private placement purchase of a $250 million preferred stock investment in F&G Annuities & Life, one of its majority owned subsidiaries. The transaction was negotiated through an independent Related Transaction Committee and the unregistered stock may not be sold domestically until it is either registered or properly exempted. Fidelity National is headquartered in Jacksonville, Florida.

Financial Advisors/Fidelity National: Kroll’s Duff & Phelps Opinions Practice advised.

Outside Legal Advisors/Related Transaction Committee: Sheppard Mullin advised the special committee with a deal team led by partner Lindsay Ferguson, with associate Patrick Quine with partners John Stigi and John Tishler.

SunFlower Bank in $248M Merger with HomeStreet

Deal Description: FirstSun Capital, the Denver-based holding company for Dallas-based Sunflower Bank, has agreed to acquired Seattle-based HomeStreet Inc., the holding company for HomeStreet Bank. The $248 million merger expands the reach of SunFlower beyond its current five-state sphere of business influence — Colorado, Texas, Kansas, New Mexico and Arizona — into California, Hawaii and the Pacific Northwest.

Under terms of the agreement HomeStreet shareholders will receive 0.4345 of a share of FirstSun common stock for each share of HomeStreet common stock, an implied valuation of $14.75 per share, which represents a 37% premium to the closing price per share of HomeStreet Shares on January 12.

FirstSun also announced a capital raise to support the merger, led by Wellington Management. In total, $175 million of common stock will be issued to investors, including $80 million to Wellington Management, which led the capital raise. Among those investors was Castle Creek Capital, a banking investor headquartered in San Diego and Dallas.

Financial Advisors/FirstSun: Stephens Inc. advised and rendered a fairness opinion to FirstSun’s board of directors.

Financial Advisors/HomeStreet: Keefe Bruyette advised and rendered a fairness opinion to HomeStreet’s board of directors.

Outside Legal Counsel/FirstSun: Riley & Scarborough

Outside Legal Counsel/HomeStreet: Sullivan and Cromwell

Outside Legal Counsel/Wellington Management: Roth & Zabel

Outside Legal Counsel/Keefe Bruyette and Woods: Latham & Watkins

Harbor Health Raises $95.5M

Deal Description: Austin-based Harbor Health announced Jan. 13, a $95.5 million round of funding led by General Catalyst with Alta Partners. Harbor Health is a group of primary and specialty healthcare clinics founded by Dr. Clay Johnston, Eric Scott and Tony Miller. Harbor has eight locations in. Health Harbor calls itself a “co-creating” healthcare system that operates on a “payer-provider” model that helps coordinate individual treatment programs and clinical referrals for medical and behavioral health and wellness issues. Advisors were undisclosed.

weavix Gains $23.6M in Series B Funds Raise

Deal Description: Communications technology firm weavix announced Jan. 16 that it raised $23.6 million in Series B funding led by investors Insight Partners with Four More Capital, The Friedkin Group and Perkins Coie. Koch Disruptive Technologies had already invested $10 million in the Wichita, Kansas firm. The company utilizes AI and “smart radios” to enhance workforce communications with data-driven information on safety protocols, collaboration issues and supervisory oversight.

Outside Legal Counsel/Insight Partners: Willkie Farr & Gallagher with partner Matthew Haddad in New York and Joe Laurel in Houston.

Dallas-based DZS Divests Asian Development Operations to DASAN Networks

Deal Description: DZS, a Dallas-based software provider, announced Jan. 5 that it had agreed to sell its Asia business for $48 million to Korea-based DASAN Networks. Terms of the deal include $5 million in cash and the assumption of $43 million in debt. DASAN is a significant stockholder of DZS, and the Asia business it assumes includes DZS subsidiaries in Korea, China, India, Japan and Vietnam. DZS also secured another $15 million in cash with a term note with EdgeCo in exchange 6.1 million warrants at an exercise price of $1.84, and another $10 million as part of a private placement of DZS common stock with a Korean limited partnership controlled by Invites Ventures Co. The company says that the $30 million of incremental working capital will not only strengthen DZS’ balance sheet but will also support its pipeline of field trials and projects aimed at the billions of government stimulus funds anticipated to begin deployment in 2024.

Outside Legal Advisors/DZS: Baker Botts advised on both the Asia divestiture and the credit transactions with a Dallas-based team led by partner Preston Bernhisel with associates Derek Gabriel and Maddie Boezinger. The rest of the team also included partner Luke Weedon and associate Demi Kampakis on finance; partner Steve Marcus on tax issues and partner Steve Mann on intellectual property.

Wealth Management Capital Meets Wealth Management Advisory Firm

Deal Description: Los Angeles wealth managers Lido Advisors announced Jan. 17 a strategic partnership with Constellation Wealth Capital. Terms of the deal with Chicago-based Constellation, an investor in wealth management firms, were undisclosed. Lido claims more than $19 billion in regulatory assets under management by its 30 offices.

Outside Legal Counsel/Lido: Ropes & Gray

Outside Legal Counsel/Constellation: Gibson, Dunn & Crutcher with a deal team led from Houston and Los Angeles by partners Michael Piazza and Carlos Soto. They were assisted by associates Christopher Lee, Ashley Whittington (Houston), Valy Menendez, Vivian Tran and Daniela Tapia Devia. The team also included partner Sean Feller and associates Lucy Hong (Houston) and Daniel Lim on benefits; partner Michael Cannon (Dallas/Houston) and associates Josiah Bethards (Dallas) and Duncan Hamilton (Dallas) on taxes, as well as partner Kevin Bettsteller on regulatory matters; counsel Andrew Cline on antitrust, and partner Cassandra Gaedt-Sheckter on data privacy.

Warburg Pincus Invests in Service Compression

Deal Description: West Texas-based Service Compression, a provider of E&P natural gas compression services, announced Jan. 17, the closing of a preferred equity investment of undisclosed amount by Warburg Pincus through its Capital Solutions Founders Fund. In related transactions Service Compression also obtained a new credit facility led by J.P. Morgan and an additional capital raise among new and existing investors. The company plans to use the additional funds to upscale in response to increased demand for compression equipment and services.

Placement Agent: Moelis & Co. (lead) and Imperial Capital

Outside Legal Advisor/Service Compression: Baker Botts advised with a team led from Dallas by partner Jon Platt with senior associate Michael Portillo (Austin) and associates Rusty Shellhorn (Dallas) and Leslie Lord (Austin). On finance: partner Shad Sumrow (Dallas), special counsel Alexander Kamel (Houston), and associate Regan Vicknair and Madeline McCune (both Houston). On tax: partner Josh Mandell (Dallas), senior associate Jordan Hahn (Dallas) and partner Jason Loden (Dallas).

Outside Legal Advisor/Warburg Pincus: Willkie Farr & Gallagher

Swander Pace Sells Patriot Pickle

Deal Description: Consumer products investor Swander Pace Capital announced the sale of Patriot Pickle to Miami-headquartered H.I.G. Capital. Patriot Pickle, based in New Jersey and Garland, Texas, is a manufacturer and distributor of high-quality refrigerated pickles to restaurant chains, supermarkets, and delis. SPC acquired Patriot Pickle in April 2021.

Outside Legal Counsel/Swander Pace: Jones Day led by Erin Firman in Chicago.

Platinum Equity Sheds Pennsylvania Power Generation Facility

Deal Description: Los Angeles investor Platinum Equity announced Jan. 16, that it is divesting its Hunterstown power generation facility to longtime power investors LS Power. Located in Gettysburg, Pennsylvania, the Hunterstown facility is an 810 megawatt combined-cycle gas turbine plant. Terms of the deal, which is expected to close in Q2 2024, were undisclosed.

Outside Legal Counsel/Platinum Equity: Latham & Watkins advised with a corporate deal team led from Washington, D.C. by partner David Brown and from Houston by partner Trina Chandler. Also involved were partner Mariclaire Brewer and associate Josh Blankenship, both from Washington. Houston counsel Krisa Benskin.

Tax advice was provided by by New York partner Matthew Dewitz; on employee benefits matters by Washington, D.C. partner Matthew Conway and Houston counsel Krisa Benskin, with associate Christina Schrantz; on energy regulatory matters by Washington, D.C. partner Natasha Gianvecchio, with associate Richard Griffin; on private equity finance matters by Washington, D.C. partners Scott Forchheimer and Melissa Fabian; on real estate matters by Chicago counsel Jeffrey Anderson; on intellectual property matters by Washington, D.C. counsel Kieran Dickinson; on environmental matters by New York counsel David Langer; and on antitrust matters by Washington, D.C. partner Amanda Reeves, New York partner Katherine Rocco, and Washington, D.C. counsel Patrick English, with associates Mary Casale and Karen Kim.

Note: Platinum Equity acquired the plant in 2018 from GenOn, a unit of NRG Energy Inc. which filed for bankruptcy protection in 2017.

CAPITAL MARKETS/CREDIT

Antero Midstream Offers Private Placement of $600M in Notes

Deal Description: Antero Midstream Corp. announced Jan. 11, pricing of an upsized private placement of 6.625 percent in senior unsecured notes due 2032. The placement closed on Jan. 16. Antero plans to use the proceeds to pay down its revolving credit facility and the repayment of near-term maturities.

Outside Counsel/Antero: Vinson & Elkins with a team led from Houston by partners Scott Rubinsky and David Stone and senior associate Amy Deroo, with assistance from senior associate Markeya Brown and associates Jonathan Burks and Farzin Khoshravan. Also advising were partners Wendy Salinas and Lina Dimachkieh and associate Lauren Nieman (tax); partner Matt Dobbins and associate Simon Willis (environmental); and counsel Katherine Mull and senior associate Mary Daniel Morgan (executive compensation/benefits).

Outside Counsel/Initial Purchasers: Latham & Watkins with a corporate deal team led by Houston partners Nick Dhesi and Ryan Maierson, with associates Paul Robe, Brian Bruzzo, and David Lee. Advice was also provided on tax matters by Houston partner Jim Cole, with associate Molly Elkins; and on environmental matters by Los Angeles/Houston partner Joshua Marnitz.

Silver Point Finance Provides $265M to Tetra Technologies

Deal Description: Tetra Technologies announced Jan. 15, a $265 million credit agreement with Silver Point Finance consisting of a $190 million term loan and a $75 million delayed-term loan. The $75 million delayed-term loan will be used to fund a bromine processing plant in Arkansas, while the term loan refinances an existing $163 term loan. Based in The Woodlands, Tetra produces bromine-based completion fluids used in oil and gas production processes.

Outside Financial Advisor: Stifel, Nicolaus & Company

Outside Legal Advisor: Kirkland & Ellis with a team led by Mary Kogut and Angela Hagerman, along with associate Christina Godard and partner Shubi Arora.

Allen Pusey

Allen Pusey is a senior editor and writer at The Texas Lawbook.

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